Yinson says it has not accepted the proposed privatisation scheme

Tuesday 10 Nov 2026

Make The Edge Malaysia your preferred source on Google

KUALA LUMPUR (Nov 10): Yinson Holdings Bhd (KL:YINSON) has clarified that it has not accepted either the proposed privatisation scheme or the terms of the proposal letter, which involves its major shareholders privatising the company at RM2.50 per share.

“The board has noted media reports stating or suggesting that the company has accepted the proposed scheme. The board wishes to clarify that the company has not accepted the proposed scheme or the terms of the proposal letter,” the group said in a bourse filing on Tuesday.

Yinson said a director had inadvertently signed the acceptance page of a proposal letter dated Nov 6, but the signature was intended only to acknowledge receipt of the letter on behalf of the company.

Yinson said the signature was not made pursuant to any board decision or resolution and should not be construed as acceptance of the proposed scheme or terms of the proposal letter.

“The signed acceptance page has also not been returned to the joint offerors and joint ultimate offerors as required of the proposal letter,” it added.

Yinson said its board, excluding directors deemed interested in the proposed scheme, is deliberating on the proposed scheme and will decide on its next course of action.

The company has until 5pm on Dec 4, 2026, to respond to the proposal letter, unless the deadline is extended in writing by the joint offerors and joint ultimate offerors.

A further announcement will be made in due course upon the board making its decision, Yinson said.

MISC Bhd (KL:MISC), Yinson’s founding Lim family and the Employees Provident Fund (EPF) proposed to take Yinson private at RM2.50 a share. The proposed acquisition of the remaining 55.2% stake in Yinson, involving 1.61 billion shares, will entail a cash consideration of RM4.03 billion, according to a proposal letter dated last Friday.

At RM2.50 per share, the offer values Yinson at 1.36 times its net asset value and an enterprise value-to-earnings before interest, taxes, depreciation and amortisation (EV/Ebitda) multiple of 8.72 times, based on its latest available financial results for the period ended July 31, 2026.

The transaction will be undertaken through MY Offshore Holdings Sdn Bhd (MYOH), in which MISC and Yinson Legacy Sdn Bhd (YLSB), the investment vehicle of Yinson executive chairman Lim Han Weng, will each hold a 41.464% stake, while EPF will retain an effective 17.072% stake. Yinson would become wholly owned by the vehicle and be delisted.

MISC will inject RM3.03 billion into MYOH to buy the shares. At end-June, MISC had RM7.2 billion in cash, deposits and bank balances, against total borrowings of RM12.96 billion.

YLSB, which owns 27.73% of Yinson, will transfer its stake to MYOH and contribute the remaining RM1 billion in cash, while EPF, which holds 17.07%, will only roll over its shares.

Yinson operates eight FPSO vessels and three floating storage and offloading (FSO) units in Brazil, Africa, and Southeast Asia, including FPSO Helang for ENEOS offshore Sarawak.

Yinson also has a renewable energy arm with over 500MW of generation capacity across India and Peru. It also owns a green technology arm, which, among others, operates an electric vehicle charging network in Malaysia and Singapore.

For the six months ended July 2026, Yinson’s net profit increased 14.81% to RM248 million from RM216 million in the same period a year ago, though revenue fell 15.77% to RM2.19 billion from RM2.59 billion.

Yinson's share price dropped five sen or 2.21% to RM2.21 on Tuesday's noon market break, trimming the group's market capitalisation to RM7.11 billion.

Edited ByIsabelle Francis

Text Size